2. Stock market movers -- Volkswagen, Yum: Shares in Yum! Brands(YUM) are taking a 16% dive premarket on news that the fast food giant is still struggling in the Chinese market following a series of food safety scandals. The company owns KFC, Taco Bell and Pizza Hut.

Shares in Volkswagen(VLKAY) are shooting up by about 8.5% in Europe after the automaker's new CEO told a German newspaper that the company would start a recall in January to fix millions of diesel vehicles that contain emissions cheating software. The recall will last throughout 2016.

3. Market overview: U.S. stock futures are rising ahead of the open and global markets are looking perky.

Crude oil futures are also within spitting distance of $50 per barrel, rising by another 2% Wednesday after a surge of about 5% on Tuesday triggered by lower U.S. production. Later in the morning, oil traders will be closely monitoring a weekly report on U.S. crude inventories, which will be posted at 10:30 a.m. ET.